Minnesota farmer feels 'betrayed' by MF Global

Dean Tofteland blasted the now-defunct commodities firm MF Global in front of a Senate Ag committee Tuesday morning. The Star Tribune reports that the Luverne farmer didn't mince words when it came to how he felt about having more than $250,000 of his money frozen. More than $1 billion of MF Global's assets are unaccounted for.

Dean Tofteland blasted the now-defunct commodities firm MF Global in front of a Senate Ag committee Tuesday morning. The Star Tribune reports that the Luverne farmer didn't mince words when it came to how he felt about having more than $250,000 of his money frozen. More than $1 billion of MF Global's assets are unaccounted for.

Democratic Sen. Amy Klobuchar has voted to give the Senate Agriculture Committee the authority to subpoena the former top executive to testify. Minnesota farmers and agriculture businesses saw critical financial accounts frozen and now worry they may be out serious cash following the collapse of the commodities trading firm. Klobuchar says those responsible should be held accountable.

Reuters reports the Chicago Mercantile Exchange has set up a $100 million fund to help farmers and ranchers who lost money after the collapse of commodities trading firm MF Global. Many farmers and agricultural businesses in Minnesota saw their accounts frozen after the firm suddenly went belly-up.

The New York Times reports investment firms are jockeying to buy claims off thousands of MF Global customers, which includes many Minnesota farmers. Most of those offers are for 90 percent of face value. It could spell a big change in fortune for Minnesota's farmers and agricultural business owners, many of whom had large accounts on the books with the commodities firm when it collapsed.

A former chief exec of a now-defunct commodities trading firm is testifying before U.S. leaders, who want to know how more than a billion dollars has gone missing. Many of Minnesota's farmers, ranchers and agricultural businesses had financial accounts with the trading firm. Now they've found those accounts frozen and are worried about their money.

U.S. Sen. Amy Klobuchar and 16 other senators have mailed a letter to the U.S. attorney general urging an investigation into and possibly the criminal prosecution of MF Global executives, who may have made illegal transactions using customer funds. Many of Minnesota's farmers and agricultural businesses have been missing money since the commodities trader collapsed.

Strong crop prices have farmers around the country planting more acreage. Ag officials are advising growers to get their seeds now because the most popular varieties of corn may not be available later.

Congresswoman Michele Bachmann is among Republicans calling on the Obama administration to name a special prosecutor to handle the investigation of MF Global. Top executives with the now-defunct commodities company were Democratic fundraisers. Officials are looking into the disappearance of $1.6 billion in MF Global funds.